GBPJPY is heading towards the support level at the given support level of 160.50. This level is the previous low and needs to be respected in order for the market to continue moving up. The trend on the pair is still bullish and can continue moving further up. This support aligns with the previous low as the market is forming higher highs and higher lows. 

The descending trendline is acutely above the trendline and has the potential to breakout from the trendline for buys. Once broken out, the confirmation for the buys will be confirmed. 

The retracement area of 50% aligns with the support level. This level is to be retained as the potential mark up on the pair.

EMA 50 has turned bearish. We can tap the EMA 50 as the profit target of our long position from the support level.

RSI is at 40. It needs to dwell towards the over sold region where bullish divergence can be formed and the market can have a massive launch up with the acute divergence formation.

GBPJPY heading to support

Oct 10 2022

Take Profit +3.25%

Holding time 2d8hr

160.481

Entry price

165.697

Take profit price